Not looking good for GMC, page-186

Hi @golden star

I'm disappointed that GMC never seem to achieve any deadlines (especially in relation to DSO).

Below is an extract from 1 November 2017.


In this announcement GMC go on to state
"The Company also advised during the quarter that discussions are continuing with the relevant authorities in order to obtain the necessary permitting to enable Gulf to commence direct shipped ore
sales in Q4 2017 from Kupang."

Q4 2017 = October to December 2017.

We are now in Q1 2019 - that is 5 additional quarters with still no success with DSO.

It is for this reason that the stock price has taken the dive that it has.

As for the conversion of the $6M note into debt of $5M and 25% equity (i.e. 25% of the Project for $1M) -

Firstly, the conversion has still not been achieved. From the announcement "
Final conversion of the PT JGI Convertible Note and subsequent issue of shares in GMG to PT JGI is subject to approval from the Indonesian Ministry of Energy and Mineral Resources (“MEMR”. GMG has already received approval from the Indonesian Department of Law
and Human Rights, the Indonesian foreign investment regulator BKPM and expects to
receive the MEMR approval before 31 January 2019."

Secondly, the conversion of $6M note into 25% equity (original terms) are completely different to the renegotiated terms which only value GMC's 75% of the Project at $3M.

I have mentioned before why I continue to watch and comment on this stock - I lost money on the back of the Pak Marthen deal that never happened despite GMC stating that funds were imminent in numerous announcements. I think it is important for anyone to consider the full context of the history of GMC.

Unfortunately there is a reason it is making these lows.

Unfortunately also, because of GMC's cash position it no longer has the luxury of time.

Hopefully, they can finally achieve a deal but history would suggest otherwise.

I suppose we will find out end of this month now?